The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1887-10-04
THE WEEKLY CONSTITUTION ATLANTA TUESDAY, OCTOBER 1857

in cotton for future delivery at New York
opened somewhat depressed On Saturday
last, but there was partial recovery on
rulnors Of frost in the northern belt. But
these prove unfounded. and on Monday
there was decline with a weak closing un-
der unfayorable foreign advice and the very
free movement Of the crop, causing some of
the bulls to lose confidence. On Tuesday a
weak opening was followed by an advance
due to the continued heavy rains in the
southwest and especially in Texas, with the
strong probability that damage had been
done, as was the case at about this stage of
last season.
On Wednesday there was some strength
in the near positions, but the later options
were weaker Thursday there was improve
ment in the later dealings on demand TO
cover contracts, especially by southern
operators who had sold short in view of the
prospective free movement of the crop. Fri
day an early decline was quickly recovered,
and the close was dearer on a demand to
cover contracts. Cotton on the spot has
met with only moderate demand from
home spinners, and, although stocks con-
tnued very small, quotations were reduced
1-l6c. on Monday and again on Wednesday.
Thursday good middling was quoted l-1Gc,
lower. Friday there was general decline
of Lice, middlng uplands closing at 95c.
The Chronicles weather reports indicate
that ran,has interfered with picking opera
tions in some districts during the week, but
u. IL -.
these exceptions the gathering of the crop
has progressed favorably, and the marketing
of the staple continues on very liberal
scale.
The Chronicle says that there has been a
decidedly less anxious feeling with regard
to the money market during the week.
Rates have not declined materially, but the
disbursements Of the government have
helped replenish the bank reserves, while
the visit OF Secretary Fairchild has been
accepted as an earnest of his determination
not to allow business to be interrupted by
treasury contraction. 10 be sure. the
movement Of the currency to the south and
west is still free, but the outflow has not
been quite as large as last week, while more
was received, making the net loss on the
interior movement considerably smaller than
then. A fact OF Importance bearing upon
the same matter is that in Boston the money
market is much easier and considerable
portion OF the receipts this weel. came from
that center.
Money ON cali as represented by bankers
balances has loaned : and at per cent,
averaging about per cent. There has been
urgency for time loans, and We hear of
transactions at 81 per cent for three months
on irst-class bond collateral. Commercial
paper has also sold more freely than of late,
and some Of the city banks arc in the mar
ket, but they are selecting the best names
and demand the highest rates of discount.
The choicest quality is also finding pur-
chasers from out-of-town institutions at
fraction lower than the rates offered in the
city, Quotations for average grades are
to g per cent for 60 to 90-day indorsed bills
receivable, 81 to I per cent for four months
commission house names, and I to per
cent for good single names having four to
six months to run.
The bank Of England minimum remains
unchanged at per cent, although the rate
of discount for 60 day 70 months bank
bills continues 81 to per cent. The failure
of tho bank governors to advance the rate is
very likely due to the check to the exports
of gold, to a small movement of gold to
London and Paris, and to the fact that the
rates of interest are higher in London now
than at any other European centre; trade
and speculation are also reported dull,
which would be likely to be a further infu-
ence in favor of continuing and not adyanc-
ing the official minimum.
II is significant that notwithstanding the
incident On the French frontier the bourses
at Berlin and Paris have not been more
than temporarily affected, and the open
market rate at Paris remains the same as
last week, while at Berlin it is only higher.
The bank of England gained $4,000
bullion during the week, due, as we are adj
Nised by special cable to MS Of an import
wholly from France of e34 900 and 10y a
shipment to the interior of Great Britain of
&2l 600 The bank of France reports loss
of 993, 900 gold and the bank of Germany
of 1854, 900. At last adyices the premium
on gold at the bank of France was per
mile.
The Republican Vote in Georgia.
The New DIRK Evening Post, says the Gin